Friday, July 29, 2016

Results Note � Tenaga (BUY, maintain)

Top Calls

Results Note Tenaga (BUY, maintain)

- Earnings rise on new peak demand

s 9MFY16 results were broadly within our expectations. Electricity demand grew sharply on the El Nino dry and hot weather spell. Management reiterated that it expects to unveil its plan to optimise its capital structure and revise its dividend policy by yearend. We maintain our BUY call and RM16.50 TP on TNB.

Other Calls

Results Note Pavilion REIT (BUY, maintain)

- Pavilion Mall retail sales see recovery

Economy ASEAN Outlook Weekly Wrap

- Singapores industrial production fell unexpectedly in June

For important disclosures, please refer to the Disclosure section at the end of the individual linked research reports.

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